Press release from Ship Finance International Limited, February 7, 2013.

Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the
"Company"), today announced that it has agreed to sell the 1993-built
Suezmax Front Pride and the 1991-built OBO Front Guider to unrelated third
parties. The Company has simultaneously agreed to terminate the
corresponding charter parties with a subsidiary of Frontline Ltd.
("Frontline").

Front Pride is expected to be delivered to the new owner in February 2013
and Ship Finance expects to receive net proceeds of approximately $12.1
million including a $2.1 million charter termination compensation payment
from Frontline.

Front Guider is expected to be delivered to the new owner in March 2013 and
Ship Finance expects to receive net proceeds of approximately $9.1 million.
This is the last of the older OBOs in the fleet, and the Company received
charter termination compensation for this vessel already in December 2012,
as part of the $23.5 million settlement for the remaining OBOs.

The Company expects to record book gains of approximately $13.3 million in
the first quarter of 2013 in connection with the sale of the two vessels.

Divesting of older vessels is a part of the Company's strategy to renew and
diversify the fleet, and the net cash proceeds after repayment of debt is
expected to be reinvested in new assets. Following the sale of the two
vessels, the number of vessels on charter to Frontline is reduced to 22
vessels, including 17 VLCCs and five Suezmax crude oil carriers.

The newbuilding program continues according to plan with five vessels
remaining. One 32,000 dwt Handysize bulk carrier is scheduled to be
delivered in the first quarter of 2013, three 4,800 teu eco-design
container vessels are scheduled for the second half of 2013, and a 4,800
teu eco-design container vessel is scheduled to be delivered in the first
quarter of 2014. All newbuildings have been chartered out on medium to
long-term time charters.

The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda

About Ship Finance

Ship Finance is a major ship owning company listed on the New York Stock
Exchange (NYSE: SFL). Including newbuildings, the Company has a fleet of 65
vessels, including 24 crude oil tankers (VLCC and Suezmax), two chemical
tankers, 12 drybulk carriers including one newbuilding, 15 container
vessels including four newbuildings, six offshore supply vessels, one jack-
up drilling rig, one ultra-deepwater drillship, two ultra-deepwater semi-
submersible drilling rigs and two car carriers. The fleet is one of the
largest in the world and most of the vessels are employed on long-term
charters.

This press release may contain forward looking statements. These statements
are based upon various assumptions, many of which are based, in turn, upon
further assumptions, including Ship Finance management's examination of
historical operating trends. Although Ship Finance believes that these
assumptions were reasonable when made, because assumptions are inherently
subject to significant uncertainties and contingencies which are difficult
or impossible to predict and are beyond its control, Ship Finance cannot
give assurance that it will achieve or accomplish these expectations,
beliefs or intentions.

Important factors that, in the Company's view, could cause actual results
to differ materially from those discussed in this presentation include the
strength of world economies and currencies, general market conditions
including fluctuations in charter hire rates and vessel values, changes in
demand in the tanker market as a result of changes in OPEC's petroleum
production levels and worldwide oil consumption and storage, changes in the
Company's operating expenses including bunker prices, dry-docking and
insurance costs, changes in governmental rules and regulations or actions
taken by regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, and other important factors described from time to time in the
reports filed by the Company with the United States Securities and Exchange
Commission.

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

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